Banks must come to terms with the fact that regulatory changes impact everything from highly emotive issues such as bankers' pay to core banking platforms, says Accenture.

Thanks to the global financial crisis that shook up investment banking six years ago, a highly regulated environment has become the new normal. Keeping abreast of the regulations has consumed management attention and valuable resources. This won’t change in 2015.

What needs to change is the way banks stay on top of these regulations, managing them in a strategic, cohesive manner.

Banks shouldn’t just throw resources at regulatory problems. They need...